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Local finance professionals received bigger bonuses in 2012 – but only if they were in the top 31%.
While the average bonus beefed up 8% year-on-year, only those in the top 31% received bigger bonuses than they did in 2011.
A majority of respondents surveyed by eFinancialCareers said they were disappointed with their bonus, while 32% said it met their expectations.
George McFerran, managing director at eFinancialCareers Asia Pacific, said it is possible bonus figures were inflated by a comparatively small number of larger payouts.
“This is likely to be because the bonus pool was used to significantly reward top performers. It is a strategy which allows companies to manage costs while retaining key staff,” he said.
Amongst those who received larger bonus packages last year were finance professionals in local banks. Their average bonus was 16% more than the industry average in Singapore.
“Companies based in Singapore have been less exposed to the challenges in Europe and the US, and are in a better position than others to pay out good bonuses. The same banks are currently expanding, but on the whole financial services employers remain cautious about increasing their headcount,” McFerran said.